What is the full form of BIMSTEC

BIMSTEC: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation

BIMSTEC stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It is an alliance of nations situated near the Bay of Bengal for multi-sectoral cooperation. It was established on 6^th June 1997 on the signing of the Bangkok Declaration. There are a total of seven members in this group. The headquarter of BIMSTEC is situated in Dhaka, Bangladesh.

History

On 6^th June 1997, BIMSTEC was established by signing Bangkok Declaration as BIST-EC, which stands for Bangladesh- India-Sri Lanka- Thailand Economic Cooperation. At that time, it comprised only four members. Later three more members, such as Bhutan, Nepal and Myanmar, were included in the group. On 22^nd December 1997, with the induction of Myanmar as a member, it was renamed BIMST-EC.

In 2004, Nepal and Bhutan were included in the group as member nations, again renaming its name from BIMST-EC to BIMSTEC.

Member Countries

There is a total of seven members in the BIMSTEC group. They are- India, Bhutan, Bangladesh, Myanmar, Thailand, Nepal and Sri Lanka.

Objectives

BIMSTEC is formed to serve several objectives to increase cooperation in trade, technology, climate change and security among South and Southeast Asian countries. The main objectives of the alliance include the followings:-

• Nurturing a positive environment for rapid economic growth in the sub-continent region.
• Promoting the spirit of equality and cooperation among the member nations.
• Encouraging collaborative efforts and mutual abetment in the field of common interest among member nations.
• Expediting support among the group partners in primary areas like education, health and security.
• Work mutually to maintain peace and stability in the Bay of Bengal region.
• Work towards the eradication of poverty in the Bay of Bengal region.

Guiding Principles of BIMSTEC

• Cooperation to promote Sovereign equality
• Promoting territorial integrity
• Political freedom
• No interference in the nation's internal issues
• Mutual respect
• Non-aggression among member nations
• Promoting peacefulness in the world

Sectors of Operation

Each member nation has been assigned responsibilities under the alliance, which are categorized into different sectors and sub-sectors to operationalize the cooperation. Following is the list of member nations with their respective sector: -

Institutional Mechanism of BIMSTEC

• BIMSTEC Summit
  It is the highest policymaking congregation of the head of states of BIMSTEC nations. It is held once a year and is hosted by the member nation with the chairmanship of that year. The latest edition of the BIMSTEC summit was held in March 2022 in Colombo, Sri Lanka.
• BIMSTEC Ministerial Meet
  It is the second highest policymaking convention in which the External ministers of respective member nations attend the meeting. It is also held every year.
• Senior Officials' Meet
  It is another annual meeting attended by the senior official of the External ministries of the BIMSTEC member nations.
• BIMSTEC Working Group
  It is the functioning meeting of BIMSTEC, in which the Ambassadors of BIMSTEC member nations in Bangladesh represent their countries every month. It is held at the BIMSTEC Secretariat in Dhaka, Bangladesh.

The motive of India for being a member nation of BIMSTEC

• To strengthen the neighbours' first policy, most of the member nations of BIMSTEC are close neighbours of India, sharing land boundaries.
• To promote Act East policy, as it helps India connect with other Southeast Asian nations.
• Linking India's north-eastern parts to mainland India through Bangladesh and Myanmar for economic development.
• To counter China's influence through its Belt and Road Initiative, BIMSTEC allows India to maintain close relations with its neighbouring countries to counter China in the Bay of Bengal.
• India is part of a similar kind of alliance with its neighbouring nations in SAARC, including Pakistan, and the tension between both countries is still at its pace. India chooses to have a separate partnership with its friendly neighbours to help India counter Pakistan more effectively.